First-Time Homebuyers

All the Excitement Without the Stress

Buying your first home is exciting. However, many first time homebuyers may feel a bit overwhelmed. We understand how you are feeling and are here to help. At Statewide Mortgage we have found that choosing a knowledgable Loan Officer who understands your unique situation is the best place to start.

Do’s & Don’ts of the Home Buying Process

DO:

Get pre-qualified: Apply online or call a loan officer. This free consultation will help you set a “home buying budget”.

Choose a great realtor: From showing you houses within your budget to getting you to the closing table, the realtor makes all the difference.

Call your Loan Officer: If there are any questions, worries, or fears, call your loan officer. They will be present to help answer questions and put you at ease!

DON’T:

Take out any new debt: You need your credit to be as stable as possible while buying a house, right up to the day of closing.

Change jobs: Any job changes before closing will cause underwriting challenges. Most underwriters will want 30 days on the new job.

Pack too soon: Pack your clothes and dishes, but NOT your bank statements, tax returns, or other important paperwork.

Get Pre-Qualified

What does it mean to get pre-qualified? Great question. Getting pre-qualified only takes a few simple questions from the loan officer (like what your monthly income and debts are) and a credit pull to find out how much house you can purchase. Our loan officers are consultants: they will help find you the best program to fit your needs. Then, the loan officer will send you a letter to give to your realtor, who will then work their magic to get you a great deal on a home.

Popular Loans for First Time Home Buyers

FHA

FHA loans are insured by the Federal Housing Administration. These are distinct because you only have to put 3.5% down, they have lower rates, and you can use gift funds to close.

USDA

USDA loans are offered to rural property owners by the United States Department of Agriculture. They include 100% financing, no monthly mortgage insurance, and lower rates.